Gaytor consults you or the tax planning just before the year-end. You have all the year-end income
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Question:
Gaytor consults you or the tax planning just before the year-end. You have all the year-end income information that Gaytor provided, as discussed in chapter4. In addition the capital gains (losses), he said it would be ideal to get at least additional $1,000 extra cash so he can take the family on vacation. He debates to sell the following (or any combination of these ) stocks. Provide the advice. Let's be systemic by using the table below.
- A T&T stock he received upon the death of his grandfather. The stock cost his grandfather $6,000 forty years ago and was worth $97,000 on the date of his grandfather’s death 2 months ago. The stock is now worth $180,000.
- Boeing Stock he received as a gift from his mother 2 years ago. The stock cost her mother $9,000 five years ago and was worth $6,500 on the date of the gift. It is now worth $7,500.
- Sears stock he bought 5 years ago for $5,000, but now worth $1,000.
- Zoom stock he bought just 9 days ago for $5,000 before the split, now worth $6,000.
Let's be systemic in our recommendation whether to sell (and sell which) stock(s). Copy the table below and use this in your original post as a guide to providing tax advice.
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